The New York Times Company has entered exclusive negotiations to acquire Letterboxd for $330 million, according to reporting from The New York Times.
Letterboxd is a platform for movie enthusiasts comparable to Goodreads for films. The company grew from 3 million users in January 2021 to 28 million by April of this year. More than half its users are under 35.
Letterboxd operates a freemium model with paid subscriptions for advanced features. The company's projected earnings for this year are estimated at $15 million, representing approximately 4.5% of the reported acquisition price.
Film studios A24 and Sony had previously expressed interest in acquiring Letterboxd. A24 was priced out of the deal, according to The New York Times.
The New York Times Company declined to comment on the acquisition.